Interest Charged: competitive fixed or variable interest linked to prime
Monthly Service Fee: R57.00
Initiation Fee: R5,700.00
Minimum Age: -
Maximum Age: -
Max Repayment Term: 25 Years
Insurance Options: Home-Owner's Insurance cover on freehold homes at full replacement value.
Product Overview
A Nedbank Ordinary Home Loan provides a flexible loan that can be tailored to your needs. Use this loan if you want to buy an existing property or make structural changes to your existing property. Pay off your home loan over a period of up to 25 years, or sooner if you like, with a fixed or variable interest rate. You can get access to further loans or excess funds if you need them and you can cover both your home and your home loan with Nedbank’s comprehensive insurance products.
Features and Benefits
Repayment term of up to 25 years.
Fixed or variable interest rate options.
Further loan without registration of a new home loan (readvance) – get access to the capital amount already paid off, up to the original loan amount.
Further loan with registration – register a second loan that grants finance for a variety of uses (depending on affordability up to the latest valuation amount).
NedRevolve gives you access to a part of the loan that has been repaid in excess of the prescribed minimum monthly instalment.The minimum amount that may be withdrawn shall be the sum of R1 000 (one thousand rand) and each withdrawal will be in rand only.
Nedbank Accelerated Payments enable you to pay off your home loan sooner than the term stipulated in your home loan agreement.
Home-Owner's Insurance cover on freehold homes at full replacement value.
Loan Protection Assurance for loans up to R600,000
Qualifying
For new home loans or building loans:
Your total household income must be R2,500 or more.
The property value must be R100,000 or more.
You must have a clear credit record.
For Readvance:
A readvance increases the outstanding balance on your home loan; therefore your monthly instalment will be recalculated accordingly.
For all home loan types, Nedbank will assess your affordability in terms of the National Credit Act. All approvals are subject to Nedbank’s credit qualifying criteria and a property valuation.
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Fincheck gathers information from numerous banking partners and presents it to the borrower in a simple, understandable way. Lenders benefit from an additional market place and extensive customer reach. Loan amounts vary from lender to lender. Fees, interest rates, loan amounts and credit scores influence the repayment terms. Lenders require personal details to control their risk and assist the government to combat theft, money laundering, terrorism. Fincheck does not endorse any particular product or company. We are an independent company. The information shown and provided is an opinion, based on numbers and must not be seen as advice or consultation.
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